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Search Results 0 to 49 of about 136 (some duplicates have been removed)
republican colleagues in the house talked tough about fannie mae and freddie mac when they were in the minority. when they are in the majority, something happened. they are affected by a strange kind of paralysis. last year when we dealt with this bill in conference, the republicans offered the hensarling bill, as amended. we said it was not germane. we it has been seven months into the session with republicans in the majority. arling is a member of the majority. said. what mr. bauchus we would like a comprehensive bill. can we get a comprehensive bill? i do not think so. republicans in power in the house are much less certain. where are we? i will say i am somewhat embarrassed by this failure of memory, once he became a member of the majority. the gentleman from alabama blamed the obama administration. i feel like humphrey bogart, when it comes to fannie mae and freddie mac, republicans cannot proceed without obama. why have we not seen that? because of obama will not let them do it. a recent entertainment and elegy was wilson, in which the republicans of the house are geraldin
richardson. he is author of a book about fannie mae and freddy imagine and -- freddie mac and why the two shu never have gotten married. republican michel bachmann has surged above president obama. the key to the success progrowth agenda, adherence to the founding fathers principles and something special. >> analysts say her uncompromising views on homosexuality are one of big reasons she's gaining traction in iowa. >> jon: what? why would iowans be so concerned about what happens three inches below the corn belt? [laughter] since the iowa supreme court legalized same-sex marriage in 2009 they've noticed real changes in the state's cash crop! [laughter] yes, their worst fears corn destroyed by a (bleep) playing. [laughter] a -- (bleep) plague. movie about iowa field of -- if you build it they will -- you know. [laughter] it's no surprising the message is resonating to conservatives there. unless you think she's pandering rest april sured she's be on this message for years. >> if you are involved in the gay and lesbian lifestyle it's bondage. it's personal bondage, personal despair and enslave
mortgage association, also known as freddie mac, were both created by the u.s. government. the two exist with the same purpose -- to increase homeownership by increasing the number of mortgages issued to u.s. homeowners. this is how they work. fannie and freddie buy mortgages from banks, and sell them to investors as securities. that frees up capital for banks to issue more mortgages, naturally, long-term fixed interest rate mortgages. but critics have fingered them with playing a major role in spurring the great recession. they say fannie and freddie sold shoddy mortgages to wall street. when those mortgages defaulted, so did the stock market, spurring the crisis. so says former policy. if the u.s. government had not chosen this policy path, the great financial crisis of would never have occurred." more fannie and freddie, we're talking about two institutions, and the average american can't walk in there and take a mortgage. who is -- who do they deal with? >> they deal with other financial in institutions, who in turn put their mortgages with fannie and freddie. that's the bulk of the
is called "guaranteed to fail fannie mae, freddie mac and the debacle of mortgage finance." please welcome to the program matthew richardson. sir -- [cheers and applause] thanks for being here. >> feels good to be here. >> jon: the book is called guaranteed to fail. it feels like they haven't gotten a tremendous amount of attention as far as our entire mortgage debacle and crashing of the echmm. [laughter] what is your feeling -- are they primarily responsible for this collapse? partially? >> yes. i think there should be tremendous outrage at the mortgage finance system. fannie and freddie were smack in the middle of this. you took the two firms with public government backing. they went from just a little bitty players in the early 1980's to at the time of the crisis they owned 50% of mortgage market, $5 trillion of mortgage debt at risk with little capital underneath it and we're paying for it. you're paying for it. i'm paying for it. the audience is paying for it. >> jon: the idea is that the trick they were pulling was they go to congress and say, don't worry you're not on the hook for
fannie mae and freddie mac. i am impressed with the on-again off-again nature of this with my colleagues in the house. my republican colleagues talked tough about fannie mae and freddie mac when they were in the minority but when they are in the majority something happens. they are affected by estranged plurality with responsibility. i say that because last year when we dealt with this in conference the republicans in the house offered the bill -- total abolition of fannie mae and freddie mac with no attention to its success. they said it wasn't germane. almost seven months into this session with republicans in the majority, a member of the majority and subcommittee chairmen haven't offered -- we had a discussion of smaller bills in the wall street journal. said. what mr. bauchus we would like a comprehensive bill. can we get a comprehensive bill? i do not think so. republicans in power in the house are much less certain. where are we? i will say i am somewhat embarrassed by this failure of memory, once he became a member of the majority. the gentleman from alabama blamed the obama admin
money. fannie mae and freddie mac. i am impressed with the on- again, off-again nature of this with my colleagues on the house. my republican colleagues in the house talked tough about fannie mae and freddie mac when they were in the minority. when they are in the majority, something happened. they are affected by a strange kind of paralysis. last year when we dealt with this bill in conference, the republicans offered the hensarling bill, as amended. we said it was not germane. we it has been seven months into the session with republicans in the majority. arling is a member of the majority. said. what mr. bauchus we would like a comprehensive bill. can we get a comprehensive bill? i do not think so. republicans in power in the house are much less certain. where are we? i will say i am somewhat embarrassed by this failure of memory, once he became a member of the majority. the gentleman from alabama blamed the obama administration. i feel like humphrey bogart, when it comes to fannie mae and freddie mac, republicans cannot proceed without obama. why have we not seen that? because of ob
encouraged fannie mae and freddie mac to make risky loans to people who could not pay them. they needed help from law make hers who allowed them to toss out mortgage requirements, like a good credit history. former fannie mae chairman called on their friends and congress -- friends in congress, frank, dodd, waters and meeks served as their champions in congress. when others raised eyebrows they responded forcefully. >> let me let you in on a surprise, some people don't want new business. they don't like the success that you have accomplished by putting people with decent roofs over their heads. some people don't like that. >> i don't see anything in your report. >> mr. chairman, we do not have a crisis at freddie mac in particular at fannie mae under the outstanding leadership of mr. raines. >> this is about the political lynching of franklin raines. >> sean: democratic economists serving -- serving in the clinton and obama administrations did the same. larry summers ordered the rewriting of a report which found that fannie mae and freddie mac should be privatized and stop receiving your tax
hecho todo pero porque tienen un prestamo del cual el dueno es el gobierno como fannie mae, y freddie mac esta pendiente..." a pesar de reiteradas llamadas, el departamento de vivienda el sueno de llegar a mexico y a los estados unidos en busca de una mejor vida motiva a los inmigrantes a crear nuevas formas para cruzar la frontera tre ó?9l8lte medio debido a que no cuentan con pasaporte, y solo deben pagar poco dinero por hacerlo, para y luego emprender el largo viaja hacia norte... un alto funcionadel gobierno de honduras esta en washington para llamar la atencion de las autoridades estadounidenses sobre el auo de la violencia que lucchini hablo con el y las nos trae su siguen desempleo, ahora ñ?úvvia estableciendo una base de datos para informar a honduras los antecedentes criminales de los deportados... "en el pasado ha sido un problema ya que llegan 150-200 en un avion y no sabemos quien llega ahi, sabemos que son hondurenos pero no sabemos si tienen antecedentes penales o personas de peligrosidad" "la visita del ministro de seguridad de
. fannie mae and freddie mac are bleeding today 400 million dollars a day. congress got a raise. the rest of america did not. president obama's staff got a raise and no one else in america can do that. >> the reason that rich people pay the lion's share of the taxes is because they have the lion's share of the money. only people are better off in the country are top 10 percent. (talking all at once.) >> i want to go back to the original point. a lot of the millionaires and rich people in the jets are small businesses. >> that's not true. >> it is not true. >> it is true. is it is true. go back to clinton level taxings. 50 billion that doesn't cover the deficit. that doesn't three percent or 10 days. what are you doing with the other 355 days of the year. 50 percent almost that don't pay taxs and benefiting from the redistribution of wealth. you can't say expand the taxpayer base because you ask people to pay taxes for the first time in their life. >> that is not accurate. >> that is only if you are talking about income taxes. pay roll taxes that is not accurate. >> we are talking about ta
and freddie mac. >> start with freddie and fanny. these failed nationalized mortgage mon stros its would be put on an auction block and sold to the highest bidder. minimum bid, 50 cents. >> but without fannie and freddie, bachmann couldn't have bought her 5200 square foot house on a minnesota golf course. washington post huff reports balk maen and her husband signed a $417,000 mortgage in 2008. backed by either fannie mae or freddie mac and they have steadily attacked freddie and fannie ever since. >> there is an assurance that this would be the back stop for feddy and fanny. that's part of the problem. we want to see freddie and fanny put on the auction block, divide up and sold off. >> this is not the first time bachmann tried to have it both ways when it comes for government spending. bachmann calls for cutting medicaid but her husband's counseling clinic has over $160,000 in medicaid funds and other government money. while bachmann says she wants it farm has gotten $260,000 in federal subcy dies. bachmann claims to hate government spend bug she is more than willing to take hand kwout
and freddie mac and telling people to buy houses with no down payment. he has also been somebody who has been a little different than some republicans in that he believes our foreign policy should be constitutional. we should not go to war simply on the word of a president but you should have congressional debate and congressional authorization for war. that is what the constitution says. many in republican party are coming in his direction on this. the debate over libya really shows the influence of ron paul in the republican party. >> libya is supposed to be on the senate floor next week. you said you'd like to filibuster would it ever is on the floor to bring up the debt. does that mean you would filibuster a move to bring the libyan resolution to the floor? >> i have been one of the most vocal in the senate for debating libya and bring it to the floor. i wanted to bring it to the floor when it was still within the realm of law. the president had evaded the war and showed utter disdain for the constitution and congress. it is not good to tell the american people that it is not a war becau
mae, freddy mac and fhan october, it will be reduced, leaving future home buyers ability to borrow only $625,000. researchers at george washington university school of business are suggesting the limits should be rolled back further. >> you'd need to have a jumbo loan. >> interest rate is higher but more difficult to qualify. because fewer lenders that are providing loans that have size. >> the concern is that reducing the limits, thousands of california home buyers will be shut out of homeownership unless they can come up with a higher down payment. >> people don't have it. incomes have dropped. experts say it could affect home values. >> we can see up and down the neighborhood. >> not everyone agrees, russell is a business owner. >> i don't think it's going to to have a huge affect. the area we're in prices are high enough. there aren't going to be that many thicks that can -- the bulk are already jumbo loan autos these limits have been help tofl counties. the sale of the average home for the first quarter of 2011 was $970,000. according to experts, it's unlikely congress will ex
a rating for the years. >> who gave it to us? they gave ratings to fannie mae and freddie mac. >> very good point. >> they warn us about the disaster coming, no much? look at the free market economist to get the rating. >> that is like me offering dietary advice. >> get your sense was what happened august 2nd. to hear the president tell us we default. but technically that is not true. >> no, you pay your bills with the cash flow and pick and choose. you don't default on the debt. you might have to default on the agencies of government. but you could pay your social security and you could pay the necessary things that have to be done, but there is a lot of burrcrats that are not all that necessary . so there is a lot of -- you can could do. facing up to the facts that you have to deal with it and end up spending money and august 2nd is a fictitious day. they are billions over the debt already. and so, i think that august 2nd debt is more related to the individuals who have trips planned in august and want to clean up the mess . for that reason, if they don't come up with a agreement. they wi
obama's political future in great jeopardy. >> fannie mae and freddie mac mortgage giants will stay in existence but congress will reform them. bye-bye!
you notice a member of congress, regulating fannie mae and freddie mac he placed one of his lovers as a financial analyst at fannie mae. as a libertarian, i have no objection whatever to his preferences. i have a serious objection to corruption. we are talking about it deeply, deeply corrupt man whose corruption very nearly destroyed the world. another villain from atlas shrugged, alive and well in our world is alan greenspan. no wet character is alan greenspan might? anybody remember dr. robert stadler? a very key character. he is one of two college professors to the young john galt. when galt was still a young man, statler left academia to fund the state science institute. so he could do his experimental physics, theoretical physics for you to grab supportive capitalists of people who pay tuition and things like that. john galt disowned them. he damned him. now at the climax the world totally goes down the drain, the claim that extremism in the government, have been expropriated dr. statler cirque and physics to create a weapon of mass destruction, the weapon almost accidentally
to mention that she had some firsthand experience with the federally subsidized fannie mae and freddy mac programs. just a few weeks before bachmann called for dismantling fannie mae and freddie mac, they signed for a $417,000 home loan to help finance their move to a golf course home. will her hypocrisy catch up? david jones is with mother jones, and also joined by michelle goldberg. this is one of the clear-cut cases where you get points from the public for saying you want to be independent of government, and it turns out you're very much dependent on government, you're borrowing on federally backed money. >> on the one hand i'm not sure that most people will blame anyone for taking advantage of a government program they oppose, right? i think -- >> calling for its destruction? >> i think the point is, in her case, the problem i think is that it's cumulative. it's the time and time again she, while kind of lambasting government, her entire career, her entire financial well-being seems to be based in many ways on suckling from the government teat. it's not that just she has loans backed
regulating fannie mae and freddie mac he placed one of his gay lovers as a financial analyst at fred -- fannie mae? as a libertarian i have no objection whatsoever to his sexual preferences. i have a serious objection to corruption. we're talking about a deeply, deeply corrupt man his corruption's very nearly destroy the world. another villain is alan greenspan. what character is alan greenspan light? anybody remember dr. robert sadler? kind of a minor character, but a very key character, one of two college professors it was a mentor to young john glat. wind john glat was still a young man he left academia to found the state science institute said that he could do his experiments in physics from a theoretical physics three of the privy support of capitalists and people who pay tuition and things like that. and john glat disowned him, he damn time. now, at the climax when the world finally totally goes down the drain the climactic scene is when the government's having a big star braided his work in physics to create a weapon of mass destruction, this weapon almost accidentally detonat
they could do with freddy an fanny thfa -- freddie mac and fannie mae, and can you talk about that? >> yes, they were put in conservatorship, and the american taxpayers have put hundreds of millions of dollars into them filling the holes they lost, and you could use the government control of the companies more aggressively. right now for example you have someone with a $300,000 mortgage and the house is only worth $290,000, and the interest rates are low, but they can't refinance the mortgage, because they are under water on it and even if they are paying the bills and keeping up, so to help people take advantage of the low mortgage rates if the government directed freddie mac and fannie mae to lower the options for people, and allow people who are underwater that would mean more take home pay to use for other things. >> and one thing that i think about when we talk about the policies, and the potential two-fer policies to get the stimulus into the economy and the support, and also take care of the longer term needs. so deficit reduction is one, and liberals would agree to long-term defici
on her memory. one year ago, the republicans know exactly what to do about betty mae and freddie mac. they offer the henerling bill. they were furious. that was over one year ago. the republicans know exactly what to do about any mae and freddie mac when they're in the, -- when there were in the majority. being in the majority has modeled their minds. one of the bills is up to 15 separate bills. the henserling bill has had no hearings. we have two others. the committee has been pretty effective. -- pretty ineffective. >> are you concerned that the 2012 election could make these bills less serious? i don't think they will win the house, the senate, and the presidency in 2012. i also believe they're more ready to do this because this is a case where they're not in the minority in the house. i don't think they are ready to pass a law that says the cftc cannot deal with speculation. toon't think they are ready abolish cftb. with fannie mae and freddie mac, they have the luxury of telling their ideological strongest supporters and abolishing fannie and freddie and letting it be toper mark
of fannie mae and freddie mac. so i think looking back you can't really say that you had a good regulatory structure. now, what we would do now, i mean, i think you have to have a somewhat adversarial relationship with these companies that you're overseeing. and when we interviewed barney frank for this book, he -- we asked him, you know, why were you taking the side of the companies all these years when you could have been really helping the regulator do its job? and he said, i felt like there was becoming an adversarial relationship there. and we said, well, that's what it's supposed to be. [laughter] we're not supposed to be, you know, friends and colleagues here. they're supposed to be overseeing. so, you know -- >> no, no, no. i think, you know, if i were to summarize the book in a sentence -- that doesn't mean you don't have to read it -- [laughter] it really would be how fannie and freddie taught the financial service industry that if you capture congress, you've captured the regulator. and the industry learned that lesson. so with fannie and freddie as a perfect example, you had th
home of fannie mae. this so-called government- sponsored enterprise, and its cousin, freddie mac, increases money for homeownership, buying home loans from banks and packaging them into securities to sell to investors everywhere. a new book, though-- "reckless endangerment"-- argues that, for the past two decades, fannie pursued profit for its own sake and bought riskier and riskier loans that pumped a housing bubble bound to burst. when it did, fannie and freddie failed; a federal bailout that has cost some $130 billion followed. we talked to co-authors gretchen morgenson, a pulitzer prize winning reporter, and finance analyst joshua rosner outside fannie's headquarters. so the main culprit of your story is fannie mae, right behind you there. why fannie mae? >> it was a primary mover, a first mover in the process to relaxed lending standards, to go downhill into the sort of sub- prime morass that really got us into trouble. and it was able to wrap itself in the american flag of homeownership and capitalize on its great and lucrative government subsidy. >> reporter: how does the
alone at fannie mae and freddie mac. how is it you can create a deficit by absorbing all of the housing debt into the government add freddie mac and fannie mae, fund all of these wars, no restructuring and continue to subsidize a banking system that's exporting capital by the trillion from our country and then solve that deficit problem by cutting medicare? that, i'm confused by that. >> el well, dylan, i'm too confused. not someone standing here saying the solution is cut medicare. the proposal harry reid will put in detail tonight will come to the senate floor is going to achieve some real progress in part by spending reductions in the wars in afghanistan and iraq. i think you're right in pointing out that it is both dramatic increased spending on conflict overseas and significant tax breaks that led to our record deficits. the gap between our revenue and our spending. we ought to be focused more on growing revenue by growing jobs, and to do that we may have to do some spending that restores america's competitiveness. we've also got to make some basic changes in policy. but, dylan, ou
been sued by u.s. regulators. the swiss bank is accused of misleading fannie mae and freddie mac into buying mortgage debt that resulted in more than $900 million in losses. the lawsuit by the federal housing finance agency alleges that when u.b.s. sold more than $4.5 billion in residential mortgage-backed securities, the bank made misstatements as to the quality of the underwriting. the kind of u.s. savings bonds many of us give as gifts are being phased out. tonight's "money file" explains the changes and what you can expect. here's karen gibbs, founder of the gibbs perspective. >> do you buy savings bonds for your children, grandchildren, nieces or nephews? well, starting january 1, 2012, you'll have to do it online. the treasury department hopes the digital move will save as much as $70 million over the next five years by eliminating printing, mailing and financial middleman costs. series ee bonds-- sold at a 50% discount-- and series i bonds-- sold at face value-- pay a fair return without risk, with no state and local taxes, while offering significant federal tax benefits i
that could lose their top credit ratings? mortgage giants fannie mae and freddie mac, all aaa-rated insurers, and federal home loan banks. s&p characterized its targets as "entities with a direct link to, or reliance on, the federal government." >> susie: when it comes to the raising the debt limit, president obama says house republicans have to compromise. he wants them to add tax increases to large spending cuts as part of a balanced package, but house republicans are holding firm and some are refusing to vote for any debt limit increase. darren gersh spoke with one of them, georgia representative tom graves. darren began by asking graves whether there was anything the president could do to win his support for a $2 trillion deficit reduction package. >> the $2 trillion package, talking 'savings over 10, 12, 15 years, but our decrisis is today's problem, so we need today's solutions. so they're talking about long-term cuts, that's not what interests me nor the conservatives in the house of representatives. we want me cuts today, we want that in the short-term solution, then the midterm solu
're going to crash and it is because we are subsidizing fannie mae and freddie mac and telling people to buy houses with no down payment. he said it is coming. he has been a little different and some republicans in that he believes are foreign policy should be constitutional. you should not go to war simply on the word of the president. you should have congressional debate and congressional authorization for war. that is what the constitution has said. many in the republican party, including michele bachmann, are coming his direction on this. the debate on libya shows the influence of ron paul and the republican party. you have majorities or near majorities to say the president is wrong for going to war without congressional authority. >> speaking of libya, that is going to be on the senate floor next week. you said you would try to filibuster whatever is going to be on the floor to bring up the debt. does that mean you would filibuster and move to bring the libya legislation to the floor? >> i have been one of the most vocal in the senate about bringing libya to the floor. i wanted to bring
two local businesses, freddie mac and fannie mae. hi am curious to read and find out what happened. there are some things i want to go back and read. there was recently a controversy about huck finn and a professor who took the n word out of the text and this sparked a controversy about american history in the context of my own book, politically correct speech codes and how inappropriate it was given the fact mark twain and -- samuel clemens wrote it with the power of that word intended. i wanted to take a look at what the sanitized text looked like. i picked up that book and it is sitting on my desk. and then there are two books. i am trying to remember their names. and opportunity to help out authors i am reading. lawrence block is a mystery writer. i think it is called a drop of the hard stuff. it is a mystery novel. lawrence block is to me a terrific mystery writer. that is of the top of the my list. if i wasn't here i would read lawrence block. he is terrific. and george pellicano writes about mysteries in washington d.c.. has a new book coming out. his wife told me about it
Search Results 0 to 49 of about 136 (some duplicates have been removed)